Question

Discuss historical data from 2010 - 2020 about GDP growth rate (percentage) and Real GDP volume (in dollar value)

Answer 1

Real gross domestic product (GDP) is GDP given in constant prices and refers to the volume level of GDP. Constant price estimates of GDP are obtained by expressing values of all goods and services produced in a given year, expressed in terms of a base period. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is measured in growth rates compared to previous year. The Gross Domestic Product (GDP) in India contracted 23.9 % YoY in Jun 2020, following a growth of 3.1 % in the previous quarter. Real GDP Growth YoY data in India is updated quarterly, available from Jun 2005 to Jun 2020, with an average rate of 7.4 %. The data reached an all-time high of 13.3 % in Mar 2010 and a record low of -23.9 % in Jun 2020. CEIC calculates Real GDP Growth from quarterly Real GDP. Central Statistics Office provides Real GDP in local currency based on SNA 2008, at 2011-2012 prices. Real GDP prior to Q2 2012 is based on a combination of SNA 2008 and SNA 1993, at 2004-2005 prices. In the latest reports, Nominal GDP of India reached 502.1 USD bn in Jun 2020. Its GDP deflator (implicit price deflator) increased 1.8 % in Jun 2020. GDP Per Capita in India reached 2,139.2 USD in Mar 2020. Its Gross Savings Rate was measured at 30.1 % in Mar 2019. The Gross Domestic Product (GDP) of an economy is a measure of total production. More precisely, it is the monetary value of all goods and services produced within a country or region in a specific time period. While the definition of GDP is straightforward, accurately measuring it is a surprisingly difficult undertaking. And attempts to make comparisons over time and across borders are complicated by price, quality and currency differences. This article covers the basics of GDP data and highlights many of the pitfalls associated with intertemporal and spatial comparisons.
From the long-term perspective of social history, we know that economic prosperity and lasting economic growth is a very recent achievement for humanity. In this section we will look at this more recent time and will also study the inequality between different regions – both in respect to the unequal levels of prosperity today and the unequal economic starting points for leaving the poverty of the pre-growth past. Economic prosperity is measured as via gross domestic product (GDP) per capita, the value of all goods and services produced by a country in one year divided by the country’s population. Economic growth is the measure of the change of GDP from one year to the next. This entry shows that the current experience of economic growth is an absolute exception in the very long-run perspective of social history.Percentage change on previous year
Gross domestic product (GDP) is a measure of the economic activity, defined as the value of all goods and services produced less the value of any goods or services used in their creation. The calculation of the annual growth rate of GDP volume is intended to allow comparisons of the dynamics of economic development both over time and between economies of different sizes. For measuring the growth rate of GDP in terms of volumes, the GDP at current prices are valued in the prices of the previous year and the thus computed volume changes are imposed on the level of a reference year; this is called a chain-linked series. Accordingly, price movements will not inflate the growth rate.